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cgt
rae25_2
Posts: 127 Forumite
in Cutting tax
my grandad passed away and left my mum and her sister his house and assets.they were exempt from inheritance tax as the house had been transferred into both names 7 years previously.my auntie is over 65 so is she exempt from cgt? also is there a way to reduce what my mum should pay as it's looking like a bill for £20,000.
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Comments
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No. There are no age limits to CGT liability.my auntie is over 65 so is she exempt from cgt?
Your Mum and Auntie will be deemed to have acquired the assets at their market value at the date of death. There will be no capital gain until one of them disposes of an asset.0 -
the assets were all financial so do you men until they start spending the money there is no capital gain? My mum is suffering from severe depression so i'm trying to sort this out for her and ihaven't got a clue.0
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